DNV Supply Chain & Product Assurance has expanded its portfolio of sustainability services to help businesses implement solutions and provide the necessary third-party verification required by EU regulators.
The EU Green Deal is the conclusion of a series of developments in terms of sustainability started by the Kyoto Protocol, the first carbon reduction scheme in 1997, which involved the EU nations. These regulations raised a trillion euros to enable countries to invest and transition into a circular economy powered by renewable energy.
European CO2 emissions fell by 20% between 2000 and 2019 and the EU was the only region that met the conditions of the Kyoto Protocol. However, recognising that this development was insufficient, and also that the Paris Agreement of 2015 did not reach the expected carbon reductions, the EU has set out a multi-layered and ambitious plan with a commitment to achieve a 55% reduction in greenhouse gas (GHG) emissions by 2030.
The Green Deal centres around two primary transition strategies: decarbonising and digitalising Europe's economy. The impact will not only be limited to EU businesses, but it will also affect global ones supplying to the EU due to a set of regulations creating rules for access to the EU common market. At least 50 new directives and legislative projects are expected to be stipulated in the next 24 months.
Leading global risk management and assurance firm DNV, which has been supporting businesses in their sustainable transition needs for 158 years, has enlarged its offering to support businesses to meet EU Green Deal requirements and new sustainability regulations by:
- Helping companies worldwide lead transition towards using and generating cleaner products and technologies
- Supporting businesses in cutting their emissions by introducing economically sustainable circular economy and energy models
- Protecting EU (and foreign) citizens from environmental and social risks and impacts through more verified transparency in value chains and product related claims
- Enabling consumers and B2B customers to verify the validity of product claims directly at the point of purchase
- Building and putting in place verification and certification models around substantiating product and service performance claims (sustainability, durability and circularity related), also for regulators’ use
- Driving the utilisation of digital verification, certification and substantiation methods along any supply chain, with a digital assurance approach that is fully aligned with the EU’s “Digital Product Passport” as a multipurpose claim substantiation tool